Bakken Crude At 7-Week Low Relative WTI -- Spot Market -- Bloomberg Yesterday
Bloomberg is reporting, July 24, 2013:
Bakken crude on the spot market
weakened to a seven-week low relative to West Texas Intermediate
as Enbridge Inc.prepared to restart a pipeline delivering to
the oil’s pricing point.
Repairs on Enbridge’s Line 81 continued this morning, and
the line is expected to return to normal service later today,
Houston-based spokeswoman Terri Larson said by e-mail. It’s the
main line on Enbridge’s Bakken system, and can deliver as much
as 210,000 barrels a day to Clearbrook, Minnesota.
The line was shut July 22 after a 1-barrel leak was
discovered in Rugby, North Dakota.
Bakken priced in Clearbrook weakened $1 to a $5-a-barrel
discount to WTI at 12:06 p.m., the largest since June 3,
according to data compiled by Bloomberg.
The light, sweet crude from North Dakota and nearby areas
also faces more competition from similar from Canada, after
Nexen Inc. returned its 58,500-barrel-a-day Long Lake upgrader
to normal operation. The company reduced rates at the plant,
which converts bitumen into synthetic crude, after Enbridge shut
Line 37, which serviced the upgrader, on June 22.
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